CESC Ltd on Friday 4 October announced that its subsidiary, Purvah Green Power Pvt Ltd assigned a binding term sheet with Bhojraj Renewables Energy Pvt. for the development of a 300 megawatts (MW) wind and 150 MW solar project.

Moreover, Purvah Green Power will also acquire Bhojraj Renewables Energy Pvt.’s entire shareholding from its shareholders on a fully diluted basis. 

The scope of this agreement involves acquiring land, securing connectivity approvals, and obtaining necessary permits for both projects. 

The total cash consideration of this acquisition is coming up to Rs 108.56 crore, depending upon the successful execution of specific project-related milestones within stipulated timelines. 

The total acquisition cost covers the purchase of 100% stake of Bhojraj Renewables Energy Pvt equity shares, along with the acquisition of land and the necessary permits and approvals to accommodate the projects. 

Earlier in August, Purvah Green Power Pvt. incorporated three new companies to investigate prospects in the renewable energy industry. The three new companies incorporated are: 

• Ecofusion Power Pvt 
• Ecovantage Energy Pvt 
• Vitalgreen Power Pvt.

In the last 12 months, the shares of CESC have gained 112.59% and 46.01% on the year-to-date basis.

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